Workplace pensions can often seem like a very complicated matter for employers. When undertaking administrative duties such as redundancy procedure, disciplinary procedures or contracts of employment it is important for employers to follow the correct legal rules and regulations – and workplace pensions are no exception.
If you’re unsure you’re following workplace pensions law correctly contactfor free advice.
What Is A Workplace Pension?
A workplace pension is a scheme to help employees save for retirement; it is arranged by the employer. A percentage of an employee’s pay is paid into the scheme each payday. There are two main types of workplace pension;
- Defined contribution pension schemes
- Defined benefit pension schemes
- These are for those between 22 and State Pension age and earning over £9,440 per year
It’s a good idea to outline the pension scheme in detail in a staff handbook so employees know all the details. If you’re unsure what type of workplace pension to provide for an employee then contact us for free expert advice on .
Workplace Pensions Law & New Pension Rules
The new workplace pension’s law has meant that a series of new pension rules have been introduced in the UK. Essentially all employers will be required by law to provide workers with a workplace pension’s scheme.
As a result, employers must set up a pension scheme and make an employer’s contribution to the scheme. The deadline for this is dependent on the ‘Staging Date’ set by The Pensions Regulator.
Not sure about your staging date? Worried about whether you’re complying with the new laws or have any questions? Contact us for free expert advice today –.
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